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Politics : Formerly About Applied Materials

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To: Katherine Derbyshire who wrote (42510)	2/22/2001 4:00:43 PM
From: Jacob Snyder	Read Replies (3) of 70976

OT re estate taxes: If we really wanted to be a meritocracy, we would reward and punish everyone as an individual, not according to what family/race/ethnic group/etc they belonged to. The logical implication of that would be a 100% estate tax. Force everyone to begin life from the same point, and earn their own way. When the sources of wealth didn't change from generation to generation, (this was the situation for all of recorded history until the Industrial Revolution) you had stable "old money", that survived intact for centuries. Today, to a large extent, the pace of technology and change in where profits are made in our economy, destroys "old money". The "old money" made in oil or cars or steel, is steadily losing ground to the "new money" from chips and software. And today's new billionaires will be eclipsed, 50 years from now, by whoever owns the Ciscos and Intels of biotech.

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